Premier Bank Mortgage Interest Rate and Cost Review

Is Premier Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Premier Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.13%)
Loan Related Closing Costssimilar to average (-$177)
National Rate and Closing Cost Rating(4.5)

On average, Premier Bank’s interest rates were lower than those of other lenders (-0.13%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$177. Overall, combining interest rates and closing costs we estimate that Premier Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

Premier Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Premier Bank was most active in:

  1. Defiance, OH
  2. Toledo, OH
  3. Findlay, OH
  4. Lima, OH
  5. Ann Arbor, MI

Furthermore, Premier Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Toledo, OH, overall
  2. Ann Arbor, MI, overall
  3. Mansfield, OH, overall

You can click through to check out Premier Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Premier Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Premier Bank originated Conforming, FHA and USDA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAUSDA
Interest Rate Difference-0.11%-0.05%-0.05%
Loan Related Closing Cost Difference-$164-$10-$43
Cost Adjusted Rate Difference-0.13%-0.05%-0.06%
Star Rating(4.0)(4.0)(4.0)
Refinance MortgagesConforming
Interest Rate Difference-0.18%
Loan Related Closing Cost Difference-$205
Cost Adjusted Rate Difference-0.21%
Star Rating(4.5)

As a summary, Premier Bank is cheap for Conforming, FHA and USDA purchase mortgages. For refinancing mortgages, Premier Bank is cheap for Conforming mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Premier Bank:

Registered name: First Federal Bank of the Midwest
Registered city and state: DEFIANCE, OH, 43512
Regulator: Office of the Comptroller of the Currency (OCC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Premier Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.